Mcx Commodity Tips : Oil traders were in bullish mood on Friday with prices of the energy commodity rallying more than 5 per cent in the domestic market as a sharp slowdown in US drilling activity signaled lower crude production in the world’s biggest economy, in the coming months. US oil rig count tumbled by the most in four weeks, down by 13 to 646 last week, marking the twenty-fifth straight drop, Baker Hughes reported. A weaker dollar also bolstered Oil’s appetite by boosting demand for crude as an alternative asset. Weaker greenback makes oil cheaper for those holding other currencies, thus bolstering desired. The dollar slid against a basket of major currencies after the American economy fell into contraction for the third time since June 2009, shrinking an annualized 0.7 per cent in the January to March 2015 quarter, compared to a lastly reported 0.2 % gain. Meanwhile, US business activity contracted sharply in May as the Chicago PMI tumbled to 46.2 from 52.3 in April, with a reading below 50 signaling contraction. Moreover, US consumer confidence hit a six-month low with the consumer sentiment index falling to 90.7 in May from 95.9 in April. Weak US economic data weighed down the US dollar, coming to the aid of Oil.
Crude futures may retreat today amidst speculation that OPEC oil output may have hit a two and- a –half- year high of 31.22 million barrels per day in May with the cartel unlikely to cut its production target at a meet this week. At the MCX, Crude oil futures, for the June 2015 contract, closed at Rs 3,869 per barrel, up by 5.48 per cent, after opening at Rs 3,670, against the previous close price of Rs 3,668. It touched an intraday high of Rs 3,878 till the closing.
Chana prices closed higher 2.24 per cent on Friday at the National Commodity & Derivatives Exchange Limited (NCDEX) as the traders enlarged their holdings in the commodity on account of the good demand in the market. At the NCDEX, chana futures for June 2015 contract closed at Rs. 4,789/quintal, upward by 2.24 %, after opening at Rs. 4,690 against the previous closing price of Rs. 4,684. It touched the intra-day high of Rs. 4,790.
Morning Calls for 1 June 2015
ULTRA EQUITY
ULTRA CASH: BUY WOCKPHARMA ABOVE 1468 TGTS 1480/1467 SL 1453
ULTRA OPTIONS
ULTRA OPTION: BUY HDIL 110 CALL ABOVE 7.25 TGTS 8.25/10.25 SL 6.25
ULTRA EQUITY
ULTRA CASH: CORRECTION BUY WOCKPHARMA ABOVE 1468 TGTS 1480/1500 SL 1453
STOCK FUTURES
FUTURE: SELL ADANI ENETRPRISE BELOW 713 TGTS 710/705/698 SL 717
EQUITY TIPS
CASH: BUY HDIL ABOVE 110.25 TGTS 111.25/113.25/118.25 SL 108.75
STOCK FUTURES
FUTURE: ADANI HIT 1ST TGT 710 LOW OF 708.35 BOOK PART PROFIT
STOCK FUTURES
FUTURE: BUY BPCL ABOVE 845 TGTS 848/853/860 SL 841
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